The sellers were only taking cash offers so we didn't look into SBA financing, but I think it would have been hard to do since there wasn't the right amount of historical cash flow.

Selling a property that requires significant work can indeed be challenging, but there are several avenues you might consider exploring:Local Real Estate Agents: A local agent with experience in selling fixer-upper properties or historical homes in your area could provide valuable insights.

You have a “full” package including property(s) identified, acquisitions under contract, appraisals performed by MAI appraisers, historical financial statements, pro forma projections, surveys, title reports, feasibility studies3.

The human race has historically been poor at predicting future, so it's wise to prepare for multiple scenarios.Mortgage rates in 2025 may decrease slightly if inflation stabilizes and the Federal Reserve eases rates, though they are unlikely to return to pre-pandemic lows.

here is what Showmojo shows in their market research and I would say our local numbers show this out as well. hopefully the 2024 line takes a dive down but historically that is very unlikely.

I also agree that RE appreciation is unlikely to match the last dozen years, but you never know.Where I am unsure we agree is that paying $450k to improve the cash flow ~$3k (your numbers but I expect my delta wold be similar meaning both my cash flow estimates would be worse than yours but both would be worse by the same amount not affecting the difference) makes sense especially if the cost of having the extra $450k is only 6% rate which is historically simple to beat via numerous investment options and hopefully no one is investing in RE for an expected of 6%.  

And historically, real estate has a proven track record of appreciating over time.

This caused a historically unique opportunity for investors - they could buy Class A properties and immediately cashflow when renting them out.This couldn't last forever, and it didn't, as excited new investors drove up prices.

I had a project in Sanford FLA that was the historic district and it was a nightmare ( never again) after months of BS  thats what I had to do..

I am not sure what tools you are using for your cash flow projections but it's possible to have a property that does not cash flow year 1 but will in year 2 or 3 and so on based on average historical appreciation in Austin TX.